Singapore

Singapore overtook Japan as Asia ’s biggest foreign-exchange center for the first time as trading surged in the past three years, the city’s central bank said, citing a survey by the Bank for International Settlements . The city’s average daily foreign-exchange volume increased 44 percent to $383 billion as of April from $266 billion in the same month in 2010, the Monetary Authority of Singapore said in a statement yesterday. The average interest-rate derivatives volume climbed 6 percent to $37 billion over the same period, the highest in the region after Japan, it said. “Singapore has definitely established itself as a hub for foreign-exchange trading,” Khoon Goh, a senior currency strategist at Australia & New Zealand Banking Group Ltd. (ANZ) in Singapore, said before the release of the statement. “Part of this emergence is due to the increasing importance of Asian curre...